What is the simple interest for a principal of $650 invested at a rate of 9% for 5 years?
Accepted Solution
A:
Answer: 292.50 dollarsWork Shown:P = 650 is the the principal.r = 0.09 is the interest rate in decimal form.t = 5 is the number of years.i = P*r*ti = 650*0.09*5i = 292.50 is the simple interest.